I have a rollover (1099-R code "G") from a pension (lump sum) to an IRA. In the past, I always entered "rollover" on 1040 line 16 and did not include the amount in my income. But TurboTax includes the amount as income and, I assume, includes that in the amount of tax I owe. What am I not understanding ?
All distributions from retirement accounts are considered income under the tax code. However, in this case the rollover makes it nontaxable income. TurboTax's summary page shows both taxable and nontaxable income.
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